Social entrepreneur and Amway heir Rick DeVos' firm Momentum wants to grow five Internet technology start-ups this summer. Each group will receive $20,000 seed capital and the counsel of 18 mentors over 12 weeks in exchange for an 8 percent stake in the venture.

Five of the seven start-ups that went through Momentum's first two boot camps are still going strong, says Amanda Chocko, Momentum's program director.

In the third round of funding, the Michigan-based seed accelerator is changing the focus of its program: Less time will be spent on writing a business plan and more time on developing a product using customer feedback.

“We have learned some valuable lessons along the way,” said Chocko, “The biggest being that investors do not fund ideas and prototypes based on assumptions. They want tangible proof that the company has a product or service that customers will buy.”

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Chocko has been traveling around the Midwest and is marketing Momentum's program on a national level but has two upcoming events designed to help West Michigan entrepreneurs prepare their applications for the program.

“It's a good place for local people to kick around an idea,” Chocko said.
Momentum is looking for start-ups that are web applications and other Internet technology.

Participants need to relocate to West Michigan for the program and be able to devote a “100 percent focus” on developing their product.

“They also have to be committed to continuing to work on their company after Momentum so its not just a 12-week internships and camp,” Chocko said.

Each team has to have someone with the technical ability to develop the technology.
“Ideally, we want a balanced team of a tech founder and a business founder,” said Chocko. “We like to see 2-3 people” on a team.

Deadline for submitting an application – that will include a video pitch – is Feb. 5. The selection process will include in-person interviews.

“We are looking at the ideas and the people's experience and abilities,” Chocko said.

You don't have to be a young geeky college student like Zuckerberg who launched his multibillion-dollar business Facebook from his Harvard dorm room to apply to Momentum.

Chocko says the program is attracting more people outside of the young white male demographic. A few women participated in the last summer's program which also included a team of college professors.

“We are not targeting a certain demographic other than the people who have Internet technology ideas,” Chocko said.